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Update: Noble Corp. Earnings

Noble Corp. (NE) announced two days ago results for fourth quarter. Sales and earnings improved dramatically, and the company continued to return value to shareholders via dividends and share repurchases. For the quarter, Noble posted a net loss of $609.6 million (-2.44 per share), down from a net income of $174.1 million ($0.68 per share) a year ago. Revenues of $805 million were up year over year from $725 million.

As we noted in our previous article, Noble had much higher revenue and EBITDA growth relative to its peers. However, our view has shifted since the steep oil price decline has placed a quick halt to Noble's earnings growth. According to the CEO, "Rapidly declining crude oil prices during the fourth quarter further aggravated the offshore supply imbalance and contributed to an increasingly difficult environment for securing new contract commitments from our customers. Our financial performance in the quarter… Read More …